【Daily】29 Nov. Brief of Pak BizNews
KSE 100 44,114.16 ▲ 0.40%
KMI 30 71,028.61 ▲ 0.51%
KASB Tech Index 429.31 ▲ 0.50%
KASB Market View
· The spread of the Omicron Variant of the COVID-19 pandemic has affected global markets on fears of lockdowns. Global oil prices fell by nearly 10% on demand concerns while international exchanges were down throughout.
· Falling oil prices bodes well for Pakistan’s economy as it alleviates external account pressure and potentially eases inflation outlook.
· Cyclical stocks have the potential to perform in this scenario, such as steel, and cements.
WHO designates new Covid strain as ‘variant of concern’
The World Health Organization designated the new highly mutated strain of Covid a “variant of concern” and gave it the Greek name Omicron, plunging stock markets and global oil prices.
Tarin rules out new taxes, rupee demonetisation
Shaukat Tarin, Adviser to PM on Finance and Revenue, on Friday ruled out new taxes in supplementary budget as part of International Monetary Fund (IMF) loan deal and pledged to pass on benefit of easing crude oil prices to consumers.
Cabinet approves $4.2b Saudi loan package
The federal cabinet on Saturday approved two loan agreements worth $4.2 billion reached with Saudi Arabia, including the $3 billion cash deposit that the kingdom has extended for a period of one year but can withdraw it anytime by giving a three-day notice.
Refineries warn of lower oil output
The refusal from power producers to purchase furnace oil is likely to push the country towards a petrol, high-speed diesel and jet fuel crisis as refineries are going to slash their production.
SSGC stops gas supply to captive plants
Owing to the widening gap between gas supply and demand at the outset of winter, the government has directed Sui Southern Gas Company (SSGC) to suspend supplies to captive power plants of non-export industries and divert them to households with immediate effect.
Pakistan, Russia agree to sign accords by Feb 15, 2022
Pakistan and Russia have agreed to sign the Shareholders and Facilitation Agreements for $3 billion Pakistan Stream Gas Pipeline (PSGP) by February 15, 2022 on terms and conditions agreed earlier in May 28, 2021, July 15, 2021.
PSO receivables hit Rs402.863bn mark
The Pakistan State Oil (PSO) continues to face the challenge of circular debt due to inability of clients to clear the dues timely, despite making heavy profits in the last financial year 2019-20.
PTA lowers Mobile Termination Rates to Rs0.5 per min from January
The Pakistan Telecommunication Authority (PTA) has revised the downward Mobile Termination Rates (MTRs) to Rs0.50 per minute from 1st January 2022 against the current Rs0.70 per minute, which would allow more competitive and innovative offerings such as free minutes’ bundles (both off-net and on-net) for consumers.
Daily Change: 1-Day Change
Gold: USD 1,794.97 ▲ 0.13%
Silver: USD 23.43 ▲ 1.24%
Crude Oil: USD 76.40 ▲ 5.06%
USD-PKR: Rs 175.35/USD ▼ 0.15%